I've not a lot of experience with Terminal Services but in the absence of comments from anyone else, here's my thought:

It probably depends how much activity you expect on your terminal server - ie how many users and what are they doing? If expected memory consumption is to be high so you predict the pagefile will need to be heavily used then get it on a disk of its own. Despite what I quote below, there's probably no reason to not let the system then control its maximum size anyway - if it's getting massive then that's probably a suggestion you need more RAM anyway.

Have a look here:http://technet.microsoft.com/en-us/library/cc786809.aspx
"For Terminal Server, it is best to put your page files on a dedicated hard drive. In addition, because of the multiuser nature of Terminal Server, be sure that your page file is twice the size of your RAM. For example, if your Terminal Server has 2 gigabytes (GB) of RAM, you should have a 4 GB paging file. You should also have two paging files if necessary. "

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